Persistence Market Research (New York, NY) published a market research report on the global high velocity oxygen fuel (HVOF) tungsten carbide (WC) coating market that contains global industry analysis of 2015–2019 and opportunity assessment for 2020–2030. The report provides in-depth analysis of the market through different segments – composition, end use, and region. It also provides supply and demand trends, along with an overview of the parent market.
Aerospace & aviation accounts for a significant share of the HVOF WC coating market, closely followed by power generation and automotive. HVOF WC coatings are highly preferred as they offer substantial protection to equipment by enhancing resistance to corrosion and wear, making it popular among many end-use industries.
The global HVOF WC coating market is estimated to double in size and exhibit a healthy CAGR of 6% over the forecast period of 2020-2030.
The HVOF WC coating market study has several key takeaways. It found the market continues to remain moderately fragmented at global and regional levels, with tier-1 manufacturers accounting for more than one-third of the market share and a large number of tier-2 and tier-3 players in the market landscape.
North America holds a prominent share in terms of consumption of HVOF WC coating, closely followed by Europe and East Asia. The HVOF WC coating market in China is expected to grow at a significant rate amongst all other countries, on the back of increasing industrialization and thriving automotive and ancillary industries. It is projected to foresee healthier year-over-year growth in East Asia and South Asia Pacific as compared to the rest of the world.
Increasing demand from the aerospace and automotive sectors is a prime factor estimated to augment the demand growth for HVOF WC coatings, with marginal growth to come from the medical and aerospace & aviation segments over the forecast period. Among the various product types considered in the study, WC-CoCr type of composition commands a significant share in the global HVOF tungsten carbide coating market.
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